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::: 1st Quarter Results :::
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TATA STEEL LIMITED
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI 400001
Audited Consolidated Financial Results for the Quarter ended
on 30th June, 2006
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Quarter ended
on 30.06.2006 |
Corresponding quarter
ended on 30.06.2005
in the Previous Year |
Financial Year ended on
31.03.2006 |
1. |
Sales/Income from Operations |
Rs. Crores |
6,241.09 |
5,298.37 |
22,272.14 |
| |
Less: Excise Duty |
" |
476.95 |
413.09 |
1,873.05 |
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Net Sales/Income from Operations |
" |
5,764.14 |
4,885.28 |
20,399.09 |
2. |
Total Expenditure |
|
|
|
|
| |
a) (Increase)/decrease in stock in trade |
" |
(70.27) |
(306.41) |
(47.00) |
| |
b) Purchases of finished, semi-finished steel and other
products |
" |
1,325.90 |
1,275.21 |
4,116.61 |
| |
c) Raw materials consumed |
" |
743.07 |
530.82 |
2,589.15 |
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d) Staff Cost |
" |
406.10 |
378.20 |
1,672.46 |
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e) Purchase of Power |
" |
315.42 |
230.58 |
972.83 |
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f) Freight and Handling |
" |
338.65 |
266.15 |
1,225.43 |
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g) Other Expenditure |
" |
963.90 |
826.54 |
3,531.27 |
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h) Total Expenditure (2a to 2g) |
" |
4,022.77 |
3,201.09 |
14,060.75 |
3. |
Operating Profit |
" |
1,741.37 |
1,684.19 |
6,338.34 |
4. |
Other Income |
" |
79.14 |
31.17 |
246.74 |
5. |
Interest (net) |
" |
55.36 |
42.88 |
155.53 |
| 6. |
Depreciation |
" |
238.16 |
190.24 |
860.37 |
7. |
Profit before Tax and Exceptional Item
(3+4-5-6) |
" |
1,526.99 |
1,482.24 |
5,569.18 |
| 8. |
Exceptional Item |
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|
| |
Employee Separation Compensation |
" |
(18.79) |
(30.39) |
(54.20) |
9. |
Profit before Tax (7-8) |
" |
1,508.20 |
1,451.85 |
5,514.98 |
10. |
Provision for Current Taxation |
" |
475.27 |
468.57 |
1,619.97 |
| 11. |
Provision for Deferred Taxation |
" |
15.17 |
1.75 |
144.95 |
| 12. |
Provision for Fringe Benefits Tax |
" |
3.82 |
4.33 |
28.99 |
13. |
Net Profit (+)/Loss (-)
(9-10-11-12) |
" |
1,013.94 |
977.20 |
3,721.07 |
| 14. |
Share of profits of Associates |
" |
20.89 |
16.66 |
32.19 |
15. |
Minority Interest |
" |
(15.65) |
(8.54) |
(18.64) |
16. |
Profits after Minority Interest and share of Profits of
Associates (13+14-15) |
" |
1,019.18 |
985.32 |
3,734.62 |
| 17. |
Paid-up Equity Share Capital
(Face Value: Rs 10 per Share) |
" |
553.00 |
552.27 |
553.00 |
| 18. |
Reserves excluding revaluation reserves |
" |
|
|
9,728.84 |
| 19. |
Basic and Diluted Earnings per Share (not annualised)
(after exceptional item) |
Rupees |
18.44 |
17.85 |
67.62 |
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| NOTES: |
| 1. |
Segment Revenue, Results and Capital
Employed |
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| (Rs. Crores) |
| Particulars |
Quarter ended
on 30.06.2006 |
Corresponding quarter
ended on 30.06.2005 |
Financial Year ended
on 31.03.2006 |
| Revenue by Business Segment |
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|
|
| Steel business |
5,129.41 |
4,365.68 |
18,161.63 |
| Ferro Alloys and Minerals |
352.36 |
378.54 |
1,423.78 |
| Others |
704.05 |
475.23 |
2,297.74 |
| Total |
6,185.82 |
5,219.45 |
21,883.15 |
| Less: Inter segment revenue |
421.68 |
334.17 |
1,484.06 |
| Net sales/income from operations |
5,764.14 |
4,885.28 |
20,399.09 |
| Segment results before interest, exceptional item and
tax: |
|
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|
| Steel business |
1,330.87 |
1,269.82 |
4,828.54 |
| Ferro Alloys and Minerals |
150.43 |
189.00 |
572.52 |
| Others |
55.51 |
43.61 |
193.58 |
| Total |
1,536.81 |
1,502.43 |
5,594.64 |
| Less: |
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| Interest |
55.36 |
42.88 |
155.53 |
| Other unallocable (income)/expenditure |
(52.12) |
(15.15) |
(168.14) |
| Inter segment eliminations |
6.58 |
(7.54) |
38.07 |
| Profit before Tax and Exceptional item |
1,526.99 |
1,482.24 |
5,569.18 |
| Exceptional item: |
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|
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| Employee Separation Compensation |
(18.79) |
(30.39) |
(54.20) |
| Profit before Tax |
1,508.20 |
1,451.85 |
5,514.98 |
| Less: Taxes |
494.26 |
474.65 |
1,793.91 |
| Profit after Tax |
1,013.94 |
977.20 |
3,721.07 |
| Segment Capital Employed |
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| Steel business |
13,531.13 |
10,789.19 |
12,061.98 |
| Ferro Alloys and Minerals |
243.33 |
208.61 |
189.35 |
| Others |
1,365.65 |
711.41 |
1,147.94 |
| Total |
15,140.11 |
11,709.21 |
13,399.27 |
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| 2. |
The Consolidated Financial Results have been
prepared as per the following Accounting Standards:
| a) |
Consolidated Financial Statements (AS-21) |
| b) |
Accounting for Investments in Associates in Consolidated Financial
Statements (AS-23) |
| c) |
Financial Reporting of interests in Joint Ventures (AS-27) |
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| 3. |
The following companies have become
subsidiaries of the company during the quarter:
| a) |
Tata Steel (KZN) (Proprietary) Limited |
| b) |
NatSteel Middle East FZE - through NatSteel Asia
Pte.Ltd. |
| c) |
Millennium Steel Public Company Limited |
| d) |
NTS Steel Group Public Co.Ltd. – through Millennium Steel |
| e) |
The Siam Construction Steel Co.Ltd. – through Millennium Steel |
| f) |
The Siam Iron and Steel (2001) Co.Ltd. – through Millennium Steel |
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| 4. |
Tata BlueScope Steel Limited has become a
joint venture of the company during the quarter. |
| 5. |
Accounting Standard (AS) 15 (revised 2005) on
Employee Benefits became effective on 1st April, 2006. Consequently an additional
expenditure of Rs.2.69 crores has been charged to the profit & loss account during the
quarter. In accordance with the provisions of the standard the company has made an
adjustment of Rs 311.69 crores (net of deferred tax, Rs. 155.67 crores) against the
opening balance of the general reserve. |
| 6. |
Figures for the previous period have been
regrouped and reclassified to conform to the classification of the current period,
wherever necessary. |
| 7. |
The Consolidated Financial results have been
taken on record and approved by the Board in its meeting of date. |
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TATA STEEL LIMITED |
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| Mumbai, 21st July, 2006 |
Sd/- Ratan N. Tata
Chairman |
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TATA
STEEL LIMITED
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI 400001
Audited Financial Results for the Quarter ended
on 30th June, 2006
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Quarter ended
on 30.06.2006 |
Corresponding quarter
ended on 30.06.2005
in the Previous Year |
Financial Year ended on
31.03.2006 |
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(1) |
(2) |
(3) |
| (A) |
1. |
Steel Production |
Tonnes |
1,108,514 |
948,926 |
4,552,136 |
2. |
Steel Sales |
" |
1,115,066 |
875,498 |
4,418,311 |
| 3. |
Export turnover (F.O.B Value) |
Rs. Crores |
456.94 |
408.11 |
2,051.20 |
| US $ Mill. |
99.38 |
93.27 |
432.38 |
| (B) |
1. |
Sales/Income from Operations |
Rs. Crores |
4,390.20 |
3,961.45 |
17,144.22 |
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Less: Excise Duty |
" |
474.35 |
404.39 |
1,851.76 |
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Net Sales/Income from Operations |
" |
3,915.85 |
3,557.06 |
15,292.46 |
2. |
Total Expenditure |
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a) (Increase)/decrease in stock in trade |
" |
(69.89) |
(222.07) |
(104.91) |
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b) Purchases of finished, semi-finished steel and other
products |
" |
137.28 |
211.52 |
656.08 |
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c) Raw materials consumed |
" |
696.63 |
486.35 |
2,368.30 |
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d) Staff Cost |
" |
303.40 |
303.27 |
1,351.51 |
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e) Purchase of Power |
" |
228.48 |
197.37 |
819.17 |
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f) Freight and Handling |
" |
258.49 |
222.86 |
1,004.32 |
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g) Other Expenditure |
" |
780.16 |
769.55 |
3,266.48 |
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h) Total Expenditure (2a to 2g) |
" |
2,334.55 |
1,968.85 |
9,360.95 |
3. |
Operating Profit |
" |
1,581.30 |
1,588.21 |
5,931.51 |
4. |
Other Income |
" |
77.93 |
30.33 |
254.76 |
5. |
Interest (net) |
" |
29.29 |
34.15 |
118.44 |
| 6. |
Depreciation |
" |
195.14 |
170.64 |
775.10 |
7. |
Profit before Tax and Exceptional Item
(3+4-5-6) |
" |
1,434.80 |
1,413.75 |
5,292.73 |
| 8. |
Exceptional Item |
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Employee Separation Compensation |
" |
(18.44) |
(29.57) |
(52.77) |
9. |
Profit before Tax (7-8) |
" |
1,416.36 |
1,384.18 |
5,239.96 |
10. |
Provision for Current Taxation |
" |
458.00 |
454.63 |
1,579.00 |
| 11. |
Provision for Deferred Taxation |
" |
1.45 |
1.53 |
127.58 |
| 12. |
Provision for Fringe Benefits Tax |
" |
3.50 |
3.91 |
27.00 |
13. |
Net Profit (+)/Loss (-)
(9-10-11-12) |
" |
953.41 |
924.11 |
3,506.38 |
14. |
Paid-up Equity Share Capital
(Face Value: Rs.10 per Share) |
" |
553.67 |
553.67 |
553.67 |
15. |
Reserves excluding revaluation reserves |
" |
|
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9,201.63 |
| 16. |
Basic and Diluted Earnings per Share (not annualised) (after
Exceptional item) |
Rupees |
17.23 |
16.70 |
63.35 |
| 17. |
Aggregate of Public Shareholding
Number of shares
% of shareholding |
Nos.
% |
404,707,353
73.12% |
406,402,573
73.43% |
405,186,773
73.21% |
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| NOTES: |
| 1. |
Segment Revenue, Results and Capital
Employed |
|
| (Rs. Crores) |
| Particulars |
Quarter ended
on 30.06.2006 |
Corresponding quarter
ended on 30.06.2005 in the Previous Year |
Financial Year ended
on 31.03.2006 |
| Revenue by Business Segment |
|
|
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| Steel business |
3,471.58 |
3,113.59 |
13,619.54 |
| Ferro Alloys and Minerals |
352.36 |
378.54 |
1,423.78 |
| Others |
269.65 |
229.35 |
1,007.63 |
| Total |
4,093.59 |
3,721.48 |
16,050.95 |
| Less: Inter segment revenue |
177.74 |
164.42 |
758.49 |
| Net sales/income from operations |
3,915.85 |
3,557.06 |
15,292.46 |
| Segment results before interest, exceptional item and
tax: |
|
|
|
| Steel business |
1,236.25 |
1,226.20 |
4,618.66 |
| Ferro Alloys and Minerals |
150.58 |
189.00 |
572.52 |
| Others |
26.58 |
17.89 |
54.13 |
| Total |
1,413.41 |
1,433.09 |
5,245.31 |
| Less: |
|
|
|
| Interest |
29.29 |
34.15 |
118.44 |
| Other unallocable (income)/expenditure |
(50.68) |
(14.81) |
(165.86) |
| Profit before Tax and Exceptional item |
1,434.80 |
1,413.75 |
5,292.73 |
| Exceptional item |
|
|
|
| Employee Separation Compensation |
(18.44) |
(29.57) |
(52.77) |
| Profit before Tax |
1,416.36 |
1,384.18 |
5,239.96 |
| Less: Taxes |
462.95 |
460.07 |
1,733.58 |
| Profit after Tax |
953.41 |
924.11 |
3,506.38 |
| Segment Capital Employed |
|
|
|
| Steel business |
9,953.88 |
9,458.22 |
10,389.38 |
| Ferro Alloys and Minerals |
215.41 |
208.61 |
189.35 |
| Others |
221.84 |
164.66 |
203.50 |
| Total |
10,391.13 |
9,831.49 |
10,782.23 |
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| 2. |
Pursuant to share subscription and joint venture
agreements dated 23rd November, 2005 with BlueScope Steel Ltd, Australia and consequent to
an investment of Rs 130 crores during the quarter Tata BlueScope Steel Limited became a
50:50 joint venture. |
| 3. |
Tata Steel (KZN) (Proprietary) Limited, South
Africa became a subsidiary of the company during the quarter. The company has invested an
amount of ZAR 40 million (Rs 25.88 crores) during the period. |
| 4. |
Accounting Standard (AS) 15 (revised 2005) on
Employee Benefits became effective on 1st April, 2006. Consequently an additional
expenditure of Rs.2.03 crores has been charged to the profit & loss account during the
quarter. In accordance with the provisions of the standard the company has made an
adjustment of Rs 303.04 crores (net of deferred tax, Rs 153.76 crores) against the opening
balance of the general reserve. |
| 5. |
Information on investor complaints pursuant
to clause 41 of the listing agreement for the quarter ended 30.06.2006: |
|
| Opening balance |
Received during the quarter |
Resolved during the quarter |
Closing balance |
| 7 |
15 |
19 |
3 |
|
| 6. |
Figures for the previous period have been
regrouped and reclassified to conform to the classification of the current period,
wherever necessary. |
| 7. |
The above results have been taken on record
in the Board meeting of date. |
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TATA STEEL LIMITED |
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| Mumbai, 21st July, 2006 |
Sd/- Ratan N. Tata
Chairman |
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